Risk Management
Risk Management and Fraud Prevention as a Competitive Advantage
The key to successful risk management is identifying and managing risks associated with your business.
Risk management should not be in the way of running a successful business. Fraud prevention should not be a friction point for good customers.
Done well, they can be an advantage for you. — While your competitors are manually reviewing orders, you are fulfilling orders.
Fraud Prevention
Whether it’s chargebacks and other payment disputes, account takeovers, bonus/campaign abuse, or any of the other ways ecommerce businesses are affected by fraudsters, we have been there and experienced it first-hand.
We can help you set up procedures, optimise existing systems, and identify new systems and services to keep your business safe.
Having worked with several of the leading tools and software providers, we guide you to the right decision for your business.
Risks
Risk management is an important challenge for all businesses. Risk comes in many shapes and forms.
While nearly all businesses need to be mindful of fraud risk and chargebacks, risk management can and should go above and beyond that. Nicheknow has experience with managing risks, setting up risk policies, incident response procedures, and sophisticated fraud prevention.
This overall risk management strategy shall be balanced to achieve the goal of managing risk in line with your business requirements.
We believe that risk management can be a competitive advantage if set up competently and confidently. Reduce friction to attract and retain customers. Use appropriate risk prevention solutions to keep your business safe.
Fraud and loss prevention that works
Fingerprinting
A powerful way to identify good customers from bad customers, especially those who try to open multiple accounts or hijack other accounts (Account Take-Over).
AI and Machine Learning
Support and tie everything together with intelligent automation, leveraging available and continuous data to train a machine learning model. Use AI to assist or even replace your manual reviews.
Affiliates and Partners
A valuable source of revenue for many businesses, affiliates and partners help drive your business. But are you taking the right steps to validate and verify referrals? Do you know your affiliates?
Location
Every transaction has multiple locations. Where is the customer? Where do they claim to be? Where is their credit card or bank account from? Where is the order being shipped to? Where is the billing address?
Secure Authentication
With debit and credit cards, this is done through 3D Secure. Open banking relies on SCA (Strong Customer Authentication) by the banks.
Other payment methods have other authentication methods. Consider the pros and cons of two-factor authentication for your own websites and backoffices.
IP and VPN
VPN an other proxies are often used by fraudsters to obfuscate their origins, but they are also often used by legitimate customers. Telling the difference is crucial in effective risk management.
Dispute Process
While it’s important to prevent fraud, it’s also important to know what to do when it occurs and how you can fight back against chargebacks and other disputes.
Know Your Customer
Regulated businesses know they need to comply with KYC (Know Your Customer) requirements to verify the identity of their customers.
Any business can benefit from better understanding their customers to accurately identify good customers from malicious, and even detect early indications of new VIP customers.